From Taiwanese tycoons to Australian entrepreneurs, the revolution of mobile apps has taken the worlds by storm, spurring a lucrative market. In today’s technology-driven world, you can do almost anything through the apps in your smartphone as mobile app development companies come with better solutions to everyday tasks that make their client’s lives easy.
A research report published by analytics and market data research company, App Annie, showed how mobile apps and their revenue are expected to increase significantly over the next year. Every mobile app development company is now considering the following trends so they could stay on top of their game and take advantage of the “app economy”.
29% Increase in App Store consumer spending
It is expected that in 2019 the app store consumer spending will increase five times faster than the global economy, reaching an impressive $122 billion and most possibly surpassing it, with China leading the charts. These numbers only reflect a part of the overall growth in the mobile economy, nonetheless.
The booming popularity of gaming apps will be responsible for a great part of the increased consumer spending. In-app commerce and advertising, which often takes place outside of the App Stores, rely on transactions made inside apps like Amazon and Uber. These special apps will also contribute to the growth of mobile spending in the next year.
Gaming Growth
2018 saw a wild increase in mobile gaming, with smartphones upgrading its specs and incredibly popular games like Fortnite and Player Unknown Battlegrounds coming to the App Store, putting them on the same level of popularity as PC and console games.
With more mobile games supporting multiplayer and cross-platform features for PC and console, mobile gaming will play a vital role in the market, especially since 2019 will see the introduction of 5G service. This development promises to add value to the mobile gaming experience.
Video Streaming
With a massive growth of 520% in consumer spending since 2016, video streaming apps are still on the top, harnessing user’s attention and innovating the ways they consume and share video content. The report states that in 2019, “every 10 minutes of an hour will be spent in a streaming video on mobile.”
YouTube stands as the biggest platform in the list, with short-form apps like Tik Tok, Snapchat and Instagram garnering a place for short-form video in 2019.
In-App Ads
By no means is this a new trend, yet app developing companies should keep their eyes on it, as the report forecasts a 60% increase in apps monetising through in-app advertising in 2019.
As 2018 closed, In-App advertising showed an increase of 50% compared to the previous year, with $155 billion invested in ads, which represents about 62% of the global ad spending for the year.
2018 marked a decade since the iOS App Store and Google Play made its appearance to the public. In that time, they managed to become an intrinsic part of our lives while amassing expansive corporate growth, millions in revenue and billions of users.